VN investment in Laos grows despite global crisis

CHAMPASAK, Laos — Vietnamese investment in Laos had not been affected by the global credit crunch, heard a conference organised by Viet Nam's Ministry of Planning and Investment and the Vietnamese Investors' Association in Laos yesterday.

The total registered investment by Vietnamese enterprises in Laos reached US$480 million last year, surpassing the 2010 figure.

Vietnamese enterprises have poured more than $3.4 billion into the projects so far, most of which are located in central and southern Laos.

Addressing the conference held in Laos' southwestern province of Champasak, President Truong Tan Sang said Viet Nam's investment needed to help the local development and social security.

He thanked the Lao Government for creating favourable conditions for Vietnamese enterprises to effectively invest in their country.

The president then attended the inauguration ceremony of a rubber latex factory invested by the Viet Nam Rubber Industry Group. The factory, with a total capacity of 24,000 tonnes of rubber latex per year, will create 3,000 jobs in Champasak Province.

Also in Champasak yesterday, the second stop of Sang's three-day official visit to the neighbouring country, the president met former Lao Party leader and State President Khamtai Siphandon and held talks with the provincial head Sonsay Siphandon.

Sang also joined the opening ceremony of the Paksong broadcast station, which was built with official development assistance (ODA) from the Vietnamese Government. — VNS